TEN`s ann: Signs $500M Syndicated Loan Facility

TEN NETWORK HOLDINGS LIMITED 2000-07-20 ASX-SIGNAL-G
HOMEX - Brisbane
+++++++++++++++++++++++++
In a major boost to TEN's corporate development strategy, Chief
Executive John McAlpine announced today that The Ten Group Pty
Limited ("TEN") had secured $500m of funding under a Syndicated
Revolving Cash Advance Facility.
Mr McAlpine said the facility was a significant vote of confidence in
TEN; and would allow it to continue its pacesetting role in the
implementation of digital television, while also focussing on other
key investments in traditional and new media.
"TEN is extremely well positioned as we enter what is the most
exciting era in the history of Australian television," Mr McAlpine
said.
"We are delighted to be involved with such a high calibre cross
section of domestic and offshore banking institutions. We look
forward to growing TEN's business in tandem with our banking
partners."
A syndicate of eight banks has provided the funds for a five year
term on an unsecured basis: The facility was arranged by The
Toronto-Dominion Bank (Arranger & Agent) who was joined by, Westpac
(Co-Arranger), ANZ, Citibank, CBA, IBJ Australia Bank Limited, Royal
Bank of Canada and Sakura Finance Australia Limited.
The $500m unsecured facility replaces a $400m secured facility
established in 1996. The move by TEN to an unsecured negative pledge
borrowing arrangement is a further vote of confidence in TEN and its
management by the banking community.
"Planning is well in hand to further boost TEN's core television
business with conversion to digital, while program improvements will
help build on our market share, particularly in the key 16-39
demographic," Mr McAlpine said.
"The $500m Syndicated Loan Facility also allows us to continue
looking beyond our more traditional television role to other
investments both inside and outside the industry, including our joint
venture with Village Roadshow."
General Manager Finance, John Kelly, said the Banks had responded
enthusiastically to TEN's corporate strategy and performance.
"The significant funding provided under this facility, provides TEN
management with an excellent level of flexibility", Mr Kelly said.
"The facility has been designed to minimise financing hurdles as
management faces the exciting challenges presented by the new digital
world."
FURTHER INFORMATION:
John Kelly (02) 9650 1319 Jim Carroll (02) 9650 1554
GENERAL MANAGER - FINANCE MANAGER - CORPORATE RELATIONS